新三板科技服务企业融资效率与财务风险研究

在调查分析我国科技服务企业发展现状的基础上，以248家在新三板挂牌的科技服务企业2015－2017年面板数据为样本，运用三阶段DEA模型和Malmquist指数，从细分行业、归属地区、所属分层、转让方式等多维视角比较融资效率，基于F分数模型分析企业财务风险，并对56家已从新三板退市的科技服务企业及2 336家在区域股权交易中心挂牌的科技服务企业进行研究。结果表明：制约科技服务企业融资有效性的主要因素不再是规模效率，而是纯技术效率;多维视阈下科技服务企业融资效率和财务风险存在诸多差异。进一步研究发现：融资效率与财务风险存在联动关系，但并非所有新三板企业退市都与融资效率或财务状况有关。鉴于此，为深化新三板市场改革、促进科技服务企业可持续成长，提出严控财务风险、深化服务融合、探索创新分层等建议。

Financing Efficiency and Risk Measurements of Technology Service Enterprises Listed in NEEQ Board

Based on the investigation and analysis on current development situation of Technology Service Enterprises (TSE) in China, the panel data of 248 TSE listed in NEEQ board in 2015-2017 was selected to measure Financing Efficiencies (FE), Financing Risks (FR) and the trends of them from multiple perspectives by Three stage DEA Model with Malmquist Index and F score Model. Besides, the data of 56 TSE delisted from NEEQ board and 2336 TSE listed in regional stock exchange markets were selected as well to observe the trends of FE and FR. The results indicated that Scale Efficiency was no longer the determinant factor of FE but Pure Technical Efficiency, and there were significant differences among FE and FR of TSE from the perspectives of subdivided trade structure, attribution area, market stratification and transfer method. Further research detected a linkage relationship between FE and FR, however, they were not the only causes of delisting. Based on the comparative results above mentioned, for the purposes of improving the capital market system in China and the development of TSE, this article suggested that control FR strictly, deepen service integration and explore innovative market stratification.